"Bitcoin will be as widely used as Fiat soon" - Jack Dorsey

in #bitcoin10 months ago

Jack Dorsey may have just changed the game for Bitcoin...

The CEO of Twitter and outspoken bitcoin fan caused quite a stir within the crypto community yesterday when he made some prophetic comments about bitcoin...

Specifically, he said that soon bitcoin will be as widely used as fiat.

Sounds pretty cool right?

(Source: https://www.ccn.com/will-jack-dorsey-help-propel-bitcoin-to-250000/)

However, it isn't just talk...

Last week his payment company Square won a patent for a new network that would convert bitcoin to fiat instantly.

More about that can be seen here:

https://www.coindesk.com/jack-dorseys-square-wins-patent-for-fiat-to-crypto-payments-network

And that is the real game changer in terms of adoption.

As much as we all want people to use and hold bitcoin, it's just not feasible with the amount of volatility and tax issues that currently plague it.

However, with this crypto to fiat network in place, there is no reason why every merchant on the planet won't suddenly start accepting bitcoin.

(Source: https://www.merchantmaverick.com/the-complete-guide-to-credit-card-processing-rates-and-fees/)

Why will they do this you might ask?

Because they won't want to pay the 4% credit card fees they are currently bearing!

It's really that simple.

By accepting bitcoin and using Square's network (whenever it actually launches) they can add 4% to their bottom line.

Something most business will fall all over themselves trying to make happen.

Jack is quietly doing his part to make sure that his earlier prediction of bitcoin becoming the internet's single global currency is as prophetic as his most recent one.

Go get em Jack!

Stay informed my friends.

-Doc

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Hey Jr, Im wondering are there other viable applications for bitcoin that you know of that you havent seen much activity around? Or even not specifically bitcoin but on a wider basis crypto in general?

Off the top of my head, in game currency is a big one. Store of value (bitcoin). Escrow and title would be a few more...

By ingame currency do you mean a crypto being used inside a game to purchase digital goods? Ive always been reserved around doing that as it presents a pay to win opportunity, unless of course you make only certain items which have little more then cosmetic effect purchasable.

The same way other digital goods are purchased on games. Roblox for example had billions spent on in game items in the last few years, seems like a great use for a cryptocurrency. Easy way to get real money into the game.

That's wild news. I cannot deny the feeling of early innovation is complex, but I admit that it is mine.

Each new hour holds new chances for new beginnings.
-- Maya Angelou

This sure sounds like a game changer to me...

Thank you, you made a beautiful post by Kobe and thank you

People used to wonder, why, if Dorsey is so bullish on Bitcoin and crypto, didn't he try to launch his own token. Personally, I'm glad he didn't - it would have been a clusterf**k of epic proportions.

Not as bad as Facebook's Libra, but Twitter has over 330 million monthly active users - it would have had a significant built in userbase, just like Libra, which would have grabbed regulators' attention.

I think he realized what others are just now starting to. It's going to be much harder to launch a coin now with all the regulations then it is to just incorporate an existing one.

Can't wait to see more payments and merchant platforms adopt a crypto friendly approach. It'll be great to see that soon, especially here in Malaysia, where payment with Bitcoin is basically non-existent.

I am not sure what the demand is out there to spend crypto on things, but at least this opens the door for those that want to.

That is so, and I hope to see more solutions pop up soon!

$SQ is a 100% Buy

Posted using Partiko iOS

The stock?

@tipu curate

Thanks for the tip!

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